Core Spreads vs FXStat

If you're choosing between Core Spreads and FXStat, we've compared hundreds of data points side-by-side to make finding the right broker for you easier.
We've also displayed one of our most popular brokers, XTB, as another alternative to consider.

All information collected from www.xtb.com.
Last updated on 01/06/2020.

Company

Core Spreads is an online trading service provider who are regulated by the Financial Conduct Authority. To open an account with Core Spreads, minimum deposits start from £/$/10.

With Core Spreads you can trade Currencies, stocks, commodities, indices. If you like to trade on the go, Core Spreads have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

Core Spreads offer their user friendly CoreTrader and the popular MT4 platforms to make your trades and also offer customer support in English.

The spreads offered by Core Spreads for the most popular instruments are:0.7 EUR/USD 0.8 FTSE 100 0.4 GOLD0.9 GBP/USD 1.0 DOW/JONES 3.0 Crude OilSee all spreadsFor more information about trading with Core Spreads, we have put together an indepth Core Spreads review with all the pros and cons about this broker.

FXStat is an online social trading network. To open an account with FXStat, minimum deposits start from $1.

With FXStat you can trade Forex, commodities, and indices. If you like to trade on the go, FXStat have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

XTB operates with two factors in mind; to provide traders with the fastest execution speeds and to be the most transparent broker on the market, which is reflected by the services and products they provide.

XTB also have a dedicated education area - the Trading Academy - which contains material to help you become a better trader, including video tutorials, trading courses, articles and much more to improve your skills at every step of your trading journey.

If you are looking for a broker that is regulated by the Financial Conduct Authority and focuses on transparency, fast execution speeds and customer service, XTB is a great option.For more information about trading with XTB, we have put together an in-depth XTB review covering the pros and cons of this broker.

Core Spreads or FXStat?

A wide range of instruments or offers Islamic accounts?

If you’re a trader looking for a broker that offers a wide variety of instruments to trade, Core Spreads is likely the better option out of these brokers. However, if you want a broker that offers Islamic accounts, FXStat may be more suitable.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

Who are they regulated by?

How long have they been around for?

Do they hold your money in a separate bank account?

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Have they been fined or penalised in the last five years?

The popularity of their service/website

Are they publicly listed?

Where are they located?

Based on these eight factors, we consider Core Spreads and FXStat to be equally reliable. We’ve broken down why below:

Who are they regulated by?

Core Spreads and FXStat are both regulated by Financial Conduct Authority

As the Financial Conduct Authority are one of the most stringent regulators in the world, both Core Spreads and FXStat will have very strict guidelines to follow to ensure they protect their retail trader clients.

XTB are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events,
as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

Core Spreads has been around for 6 years, while FXStat have been around for 10 years.
Our third alternative broker, XTB, have been around for 18 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both Core Spreads and FXStat use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

FXStat is more popular with over 325,000 traders.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both Core Spreads and FXStat are privately owned companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

Core Spreads are based in London, UK, while FXStat are based in UK .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

Services & instruments

Platforms & account types

Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs,
both Core Spreads and FXStat offer forex trading. Core Spreads have a slightly larger variety of currency pairs with 30 pairs, compared to offered by FXStat. Also, if you’re looking to trade cryptocurrencies,
Core Spreads offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.

If you’re looking to trade commodities like gold, silver or oil, Core Spreads may be a better fit as FXStat does not offer commodity trading.

FXStat also offer social trading, which allows you to follow the trading activity, engage in discussion, and even copy the trades of other traders.

Platforms & Account Types

If you trade forex, there’s a good chance you might want a broker that offers the popular MT4 trading platform. If that’s the case, both Core Spreads and FXStat offer this. Our alternative broker, XTB, also offers MT4 and MT5.

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs.
XTB, for example, offer a mini account, standard account and VIP account.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

Core Spreads does allow scalping and hedging. While FXStat also allows scalping and hedging. You can't trade with EAs (expert advisors) on Core Spreads but you can trade EAs (expert advisors) with FXStat.

Core Spreads also offer stop losses and limit orders to help you automate aspects of your trading strategy.

Core Spreads accept Skrill while FXStat accept Neteller.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, Core Spreads charges 0.70 points, while FXStat charges points.
Therefore, FXStat is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: Core Spreads or FXStat?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, FXStat is more reliable based on our criteria above. Core Spreads has a wider range of instruments to trade. Core Spreads offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

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